Drinks group C&C said today that trading in the six months to the end of August has been in line with its expectations.
In a trading update, C&C said its net revenues are 4% below last year, due to the impact of lower distribution revenues after the previously disclosed transfer of control of AB InBev Off Trade Beer distribution in Ireland and the planned exit of some lower margin business.
C&C said its core brands, Tennent's and Bulmers, delivered solid performances in the six month period, with both achieving revenue growth.
It said that after the transfer of control of Magners UK back to C&C Group in January, it had started activities to re-invigorate the brand.
"This will be a multi-year programme that has started with a new above-the-line marketing campaign and some initial brand distribution gains in the off trade which have improved performance, offset by continued challenges in the on trade where distribution gains will take more time to be delivered," C&C said.
"Our Premium portfolio continues to build distribution in both the on and off trade," it added.
Looking ahead, C&C said that despite the challenging macroeconomic backdrop, it will continue to invest in the business to improve performance, support growth and ensure it delivers for all its customers and consumers.
"Whilst the macroeconomic environment remains challenging and we have the all-important Christmas trading period ahead of us, we remain on track to achieve operating profit in line with market expectations," it added.
C&C also said today that Andrew Andrea, its Chief Financial and Transformation Officer, has decided to step down and will take up a new role as CFO at Domino's Pizza Group.
Mr Andrea will remain in his post until the current financial year is completed and C&C said he will step down from his role at the company no later than March 13, 2026.
The company said the search for a new CFO will start immediately in line with the C&C succession plan, and a further update will be issued in due course.
Mr Andrea succeeds Edward Jamieson at Domino's. The company said that Mr Jamieson, who joined the company as its finance head in October 2022, will be leaving the group immediately and will hand over duties to Domino's Acquisition and Integration Director Richard Snow in the interim period.
The leadership change comes at a time of stress for UK firms combating waning spending amid persistent inflation, shifting weather and higher prices as companies pass on costs.
In early August, Domino's Pizza Group cut its 2025 core profit forecastciting high costs and subdued customer demand.
